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2021-04-30-accounts

THE SIR PETER O'SULLEVAN CHARITABLE TRUST

Report and Financial Statements for the year ended 30th April 2021

THE SIR PETER O'SULLEVAN CHARITABLE TRUST

Report and Financial Statements for the year ended 30th April 2021

CONTENTS

Page

THE SIR PETER O'SULLEVAN CHARITABLE TRUST

Report and Financial Statements

for the year ended 30th April 2021

Charity name The Sir Peter O'Sullevan Charitable Trust
Charity registration number 1078889
Address The Old School
Bolventor
Launceston
Cornwall PL15 7TS
Management Committee Geoffrey Hughes
Michael Dillon
Nigel Payne MBE
Trustees Michael Dillon
Nigel Payne MBE
Geoffrey Hughes
Michael Kerr-Dineen
John McManus
Sir Anthony McCoyOBE
Diedre Flood
Administrator Nigel Payne MBE
Investment Managers Vermeer Partners, 130 Jermyn Street, London SW1Y4UR
Quilter Cheviot, One Kingsway, London WC2B 6AN (until December 2019)
Auditors C Jezierski Associates, Chiswick, LondonW42LR
Bankers Weatherbys Bank Limited
Sanders Road
Wellingborough, Northamptonshire NN8 4BX
Website http://www.thevoiceofracing.com

Page 1

THE SIR PETER O'SULLEVAN CHARITABLE TRUST Annual Report for the year ended 30th April 2021

The Trustees present their Report for the year ended 30th April 2021.

The Charity was established by Trust Deed dated 24th August 1999 and is registered with the Charity Commission, the registered number is 1078889.

Objects, Organisation and Activities

The Sir Peter O’Sullevan Charitable Trust was established to provide funds for the welfare of animals, particularly horses. These funds were raised principally from The Sir Peter O’Sullevan Annual Award Lunch.

Benefiting Charities:

Since it’s inception in 1997 the Trust has supported Peter’s six favourite causes:

Blue Cross- sick, injured and homeless pets have relied on Blue Cross since 1897.

Brooke - a global charity that protects and improves the lives of horses, donkeys and mules which give people in the developing world the opportunity to work their way out of poverty.

Compassion in World Farming - is the leading farm animal welfare charity.

Racing Welfare - is a registered charity supporting the workforce of British horseracing.

The British Thoroughbred Retraining Centre - was founded in 1991 with Peter as its first Patron and is the oldest Centre dedicated to the retraining and rehoming of retired racehorses.

World Horse Welfare - an international charity that promotes good welfare across the full spectrum of the horse world.

Peter wished his Trustees to continue to support these six wonderful charities but also to offer funding elsewhere which The Trustees now base on two criteria: firstly, would Peter have wanted to support this cause and secondly, does the donation create a legacy to his name?

The Trust has supported many causes in the main, but not exclusively, related to equines or the racing industry. Over £11 Million has now been committed since the inception of the Trust.

Page 2

THE SIR PETER O'SULLEVAN CHARITABLE TRUST Annual Report for the year ended 30th April 2021

Trustees

The Trustees of the Trust are:

Michael Dillon — Media Consultant Nigel Payne MBE— Trust Administrator Geoffrey Hughes — Proprietor, Osborne Studio Art Gallery Michael Kerr — Dineen - Company Director John McManus — Company Director Sir Anthony McCoy OBE — Broadcaster Diedre Flood — Financial Director

The Managing Committee is appointed with the officers being selected from the Trustees and Administrators.

Legacy from the late Sir Peter O’ Sullevan Dec’d

The Trust is the beneficiary of a legacy from Sir Peter O’Sullevan. This will ensure that the Trust will be able to continue its support for the animal welfare causes and other causes to which it is dedicated for the foreseeable future.

Review of progress and achievements

The Trust’s fund-raising activities during the period were reduced during the year, in particular the Trust was forced to cancel its annual lunch for 2020 and fund raising was restricted to Christmas card sales and some donations were received.

The Trust has nevertheless continued to both support the causes to which it is dedicated during the year and additionally provided emergency help to those in need where such assistance is in line with the overall objectives of the Trust.

The Trust has established its grant making policy to achieve its objectives for the public benefit having had regard to the Charities Commission guidance and to reduce operational risk. Grants are made if the Trustees unanimously agree that the grant is for the public benefit and that the late Sir Peter O’Sullevan would have wanted to support the cause receiving the donation.

Page 3

THE SIR PETER O'SULLEVAN CHARITABLE TRUST Annual Report for the year ended 30th April 2021

Finances

The attached financial statements show the state of finances for the year ended 30th April 2021 which the Committee consider to be sound.

Reserves Policy

The management committee has a policy of distributing the maximum available to the beneficiary charities whilst retaining sufficient funds to meet all foreseeable commitments within the coming years and avoiding all risk.

Bankers

The Charity’s bankers are Weatherbys Bank Limited at Northampton. During the year Weatherbys, (the organisation that administrates the horseracing industry) continued to provide free banking services to the Trust for which they are immensely grateful.

Investment Managers

The Charity’s Investment Managers are Vermeer Partners, 130 Jermyn Street, London SW1Y 4UR who are instructed to manage the investments on a discretionary basis to achieve income and capital growth. The Trustees consider the variability of investment returns to be the charity’s major financial risk. The Trust has a policy to diversify investments to reduce risk.

Auditors

The Auditors of the Trust are C Jezierski Associates, Registered Auditors and Chartered Certified Accountants.

Trustees’ responsibilities in relation to the financial statements

The charity trustees are responsible for preparing a trustees’ annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, of the charity for that period. In preparing the financial statements, the trustees are required to:

Page 4

THE SIR PETER O'SULLEVAN CHARITABLE TRUST Annual Report for the year ended 30th April 2021

a

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust deed.

They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements.

Approved by the frustees on t1. 2. 2022 and signed on their behalf by:

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\I
Nigel Payn E
TRUSTEE
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I] QidMere
Date
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Page 5

THE SIR PETER O'SULLEVAN CHARITABLE TRUST

Statement of Financial Activities

for the year ended 30th April 2021

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|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |2021|2020| |Notes|Unrestricted|funds|Unrestricted|funds| |Incoming|resources|£|£| |Incoming|resources|from|generated|funds| |Voluntary|.|Donations|and|other| |income|legacies|2|8,547|30,094| |Activities|for generating|funds|Fund|raising|lunch|and|3|-|227,875| |auction| |Christmas|card,|book,| |memorabilia|and|other|sales|4|25,225|22,241| |and|book|advances| |Investment|.|Dividends|and|Interest| |income|received|5|106,225|155,697| |Total|incoming|resources|139,997|435,907| |Resources|Expended| |Cost|of|generating|funds| |Fundraising trading|costs|Fund|raising|lunch|and|3|2,000|125,209| |auction|costs| |Costs|of|Sales|4|18,466|16,901| |Fundraising|and|publicity|6|20,580|34,636| |Investment|management| |costs|13,102|32,038| |Total|cost|of|generating|funds|54,148|208,784| |Expenditure|on|Charitable|activities| |Grants|and|Donations|7-12|951,410|1,158,499| |Governance|costs| |Management|and|administration|of the|Charity|13|112,463|110,556| |Total|resources|expended|1,118,021|1,477,839| |Net|(outgoing)|resources|(978,024)|(1,041,932)| |Net|Gains|/|(Losses)|on|Investments|416,706|(111,122)| |Fund|balances|brought|forward|4,616,293|5,769,347| |Fund|balances|carried|forward|20|4,054,976|4,616,293| |The|notes|on|pages|9|to|17|form|part|of these|accounts.|

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Page 6

THE SIR PETER O'SULLEVAN CHARITABLE TRUST

BALANCE SHEET

As at 30th April 2021

As at 30th April 2021 As at 30th April 2021 As at 30th April 2021 As at 30th April 2021 As at 30th April 2021 As at 30th April 2021 As at 30th April 2021
i
Y
Notes 30th April 2021 30th Aprit 2020
£ £ £ £
Fixed Assets
Investments 16 4,161,616 4,821,786
Current Assets
Cash atbank 73,040 29,781
Debtors 17 6,324 6,330 :
79,364 36,111
Creditors:
amounts falling due within one 18 127,440 129,800
year
Netcurrent assets (48,076) (93,689)
Creditors:
amounts falling due afterone 19 (58,564) (111,804)
year ee
Netassets 4,054,976 4,616,293
Represented by:
FUNDS ofthe Charity 4,054,976 4,616,293
Unrestricted funds 20 4,054,976 4,616,293
/
!
NigelPayne MBE

TRUSTEE

For and on behalf of the Managing Committee

The notes on pages 9 to 17 form part of these accounts.

Page 7

THE SIR PETER O'SULLEVAN CHARITABLE TRUST

Statement of Cash Flows

for the year ended 30th April 2021

2021 2020
Notes Total funds Total funds
£ £
Cash flows from investing activities
Cash infows:
Sale of investments 1,064,930 5,243,242
Interest and dividends 111,679 155,726
Cash outflows:
Purchase of Investments (1,368,436) (2,455,438)
Investment management costs (24,629) (32,068)
Cash flows from investing activities (216,456) 2,911,462
Cash flows from operating activities
Net cash Inflows
Donations and proceeds from fund raising activities 33,772 280,210
Cash outflows:
Charitable Grants and donations paid 7 (1,006,410) (1,401,754)
Other expenditure (161,963) (286,701)
Net cash flows from operating activities (1,134,601) (1,408,245)
Net Cash Flow (1,351,056) 1,503,217
Cash and cash equivalents brought forward 1,647,380 144,163
Cashandcashequivaleniscarriedforward 21 296,324 1,647,380

The notes on pages 9 to 17 form part of these accounts.

Page 8

THE SIR PETER O'SULLEVAN CHARITABLE TRUST

Notes to the Accounts for the year ended 30th April 2021

Notes to the Accounts
for the year endedended 30th April 2021		 Notes to the Accounts
for the year endedended 30th April 2021		 Notes to the Accounts
for the year endedended 30th April 2021
a
1. Accounting
Policies
g		 .
The accounts (financial statements) have beenprepared underthe historical costconvention with
items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to
these accounts. The financial statements have been prepared in accordance with the Statement
of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in
accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland
(FRS 102) issued on the 16th July 2014 and the Charities Act 2011.
The Trust constitutes a public benefit entity as defined by FRS 102.
Basis of accounting The Trustees consider that there are no material uncertainties aboutthe Trust’s ability to continue
as a Going Concern.
Fixed assets
Investments		 Investments are aform of basic financial instrumentand are initiallyrecognised attheir
.
gt
transaction valueandsubsequentlymeasured attheirfairvalueas atthebalancesheetdate
;
:
‘
,
:
wget
:
using the closing quoted market price. The statement of financial activities includes the netgains
and losses arising on revaluation and disposals throughoutthe year.
INCOMING RESOURCES
All incoming resources are included in the statement of financial activities when the charity is
Recognition of entitled to the income, the trustees are virtually certain they will receive the resources and the
incoming resources amount can be quantified with reasonable accuracy. The following specific policies are applied to
particular categories of income.
.
:
Donationsand legacies		 Voluntary income received byway of donations and legacies is only included in the SoFA when
the charityhas unconditional entitlementtothe resources.
Donated services and These are only included in incoming resources (with an equivalent amount in resources
facilities expended) where the benefit to the charity is reasonably quantifiable, measurable and material.
The value placed on these resources is the estimated value to the charity ofthe service or facility
provided.
Investment income Investment income is included when receivable.
ncoming resources
with related
expenditure		 Whereincoming resources have related expenditure (as with fundraising or contractincome) the
.
:
:
.
incoming resources and related expenditure arereportedgross intheSoFA.
EXPENDITURE AND LIABILITIES
wae
wa
Liability recognition		 Liabilities otherthan charitable grants and distribtions are recognised as soon as there is a legal
:
ve
ast
:
or constructive obligation committing the charity to pay out resources.
Governance costs Include costs ofthe preparation and audit ofthestatutory accounts, the costs oftrustee meetings
andcostofanyadvicetotheTrusteesongovernanceorconstitutionalmatters.

Page 9

THE SIR PETER O'’SULLEVAN CHARITABLE TRUST

Notes to the Accounts for the year ended 30th April 2021

Notes to the Accounts
for the year endedended 30th April 2021		 Notes to the Accounts
for the year endedended 30th April 2021		 Notes to the Accounts
for the year endedended 30th April 2021
i
2. Donations and other legacies received 2021 2020
£ £
Donations received 8,547 25,844
Gift aid tax refund received from HMRC - 4,250
8,547 30,094
3. Fund raising lunch 2021 2020
£ £
Ticket Sales (2,000) 68,875
Auction proceeds - 149,000
Sponsorship - 10,000
Gross proceeds of fund raising lunch (2,000) 227,875
Fund raising lunch costs 2021 2020
£ £
Catering and other lunch costs - 117,879
Costs ofgoods auctioned - 7,330
Costs of fund raising lunch - 125,209
Netproceeds from fund raising lunch - 102,666
4. Christmas cards, bookand memorabilia Sales 2021 2020
£ £
chisimascards,book,memorabiliaandprintsalesandbook 25,225 22244
Christmas card production and distribution costs 18,466 16,901
Net proceeds from sales ofChristmas Cards, memorabilia and 6,759 5,340
prints i

Page 10

THE SIR PETER O'SULLEVAN CHARITABLE TRUST

Notes to the Accounts for the year ended 30th April 2021

5. Investment Income 2021 2020
£ £
Dividends and interest 106,225 152,109
Other income - 3,588
106,225 155,697
6. Fundraising and publicity 2021 2020
£ £
Newbury Racecourse 20,000 22,455
Otherfundraising and publicity costs 580 12,181
20,580 34,636
7. Grants and charitable distributions 2021 2020
£ £
The following grants and charitable distributions have been
committed by the Charity during the year.
Annually recurring grants ( Note 8) 180,000 180,000
Grants for specific projects and other good
paid during theyear (Note 10)		 causes commiitted and 701,410 903,499
P
during
th
t
sensmade duringtheyear tomeetprevious		 i
i
previouscommitments (Note		 425,000 318,255
Total payments made during the year 1,006,410 1,401,754
Grants for specific projectsand othergood causescommitted during
the year but not paid by 30th April 2021
( Note11 }		 70,000
’		 75.000
’
Payments made during the year to meet previous commitments (125,000) (318,255)
Grantsanddistributionsfortheyear 951,410 1,158,499

Page 11

THE SIR PETER O'SULLEVAN CHARITABLE TRUST

Notes to the Accounts for the year ended 30th April 2021

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|||||||| |---|---|---|---|---|---|---| |8.|Annually|recurring|grants|2021|2020| |£|£| |The|Brooke|30,000|30,000| |World|Horse|Welfare|30,000|30,000| |Compassion|in|World|Farming|30,000|30,000| |Blue|Cross|30,000|30,000| |The|British|Thoroughbred|Rehabilitation|Centre|30,000|30,000| |Racing|Welfare|30,000|30,000| |Total|paid|during|the|year|180,000|180,000|

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The above are annual grants which the Trust has made every year since its inception in 1999 from its income. These payments have been made every year from the proceeds of the Trust’s fund raising lunch and other income and have varied each year depending on the income of the Trust.

9, Grants for specific projects and other good causes paid during the year

Payments made during the year to meet previous commitments

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|||||||||| |---|---|---|---|---|---|---|---|---| |2021|2020| |£|£| |Bridge|of|Hope|Resume|Foundation|50,000| |The|Urban|Equesirian|Academy|30,000| |GreatWood|Charity|30,000| |Trees|for|Cities|School|community|hub|15,000| |Total payments made during|the year to|meet previous commitments|125,000|318,255| |10.|Grants|for|specific|projects|and|other good|causes|paid| |during|the|year| |Payments|committed|and|paid|during|the|year|2021|2020| |£|£| |Mental|Health|Programme|IJF|170,400| |Horsebox|and|refurb|bulding|Horseback|UK|65,000| |Newmarket|Pony Academy|BRS/Godolphin|60,000| |Mental|Health|Equine|Productions|55,000| |Childrens|Programme|Racing|to|School|33,000| |Rider|Simulator|Horse|Rangers|Assoc|30,000| |Rider|Simulator|National|Horseracing|College|30,000|

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443,400

Continued

Page 12

THE SIR PETER O'SULLEVAN CHARITABLE TRUST

Notes to the Accounts for the year ended 30th April 2021

2021 2020
Payments committed and paid during the year (continued) £ £
Sub total from previous page 443,400
Childrens Equine therapy Horseworld Trust 30,000
Therapy Researh Racing to Relate 25,000
HEI Register RDA UK 25,000
Equine Facililitated Learning Painted Horse 24,000
Barn Conversion Gaddesden Place RDA 23,820
Working for disabled CuivertTRUST 13,435
Support International conferenceWHW 12,000
Acquire Horses and Welfare support Unicorn RDA 12,000
Inner city riding Stepney Bank Stables 12,000
Replacement Flooring at Hospice Demelza 11,200
Horse Therapy Tedworth Equestrian 10,000
HORSE Rescue Redwings 10,000
Horse feed for winter Horse Sense Wirral 10,000
Stable manager RDA Cakon 7,500
Educational Trailer RoR Di Arbuthnot 7,000
Kev and Milly ponies sponsorship Park Palace Ponies 5,000
Signing Training Liverpool Signing Choir 3,000
School fees in Uganda ViaOSG 2,055
The big give Jamies Farm 2,000
Care forThorughbreds Karen Watson 2,000
12 months Katie's Cradle 2,000
Development of Facility Park Lane Stables/RDA 2,000
Horse welfare and feed RDA Duchy 2,000
Charity appeal Foundation 500 1,000
697,410
Additional Charitable giving during the covid pandemic
Emergency help Mare and foal sanctuary 2,000
Emergency help St Lawrence Riding Academy 2,000
Total payments committed and paid during the year 701,410 903,499
Total payments during the yearforspecific projects and othergood 1,006,410 1,221,754
causes

Page 13

THE SIR PETER O'SULLEVAN CHARITABLE TRUST

Notes to the Accounts for the year ended 30th April 2021

en

11. Grants for specific projects and other good causes made

during the year

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|||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---| |2021|2020| |The|following|commitments|to|future|payments|have|been| |recognised|in|these|accounts|£|£| |Aintree|Bronze|of|Dick|Francis.|Felix|Francis|10,000| |National|Racehorse|week|40,000| |Protection|of|Breed|Suffolk|Horse|Society|20,000| |Total|grants|committed|during|the|year|but|not|paid|by 30th|April|70.000|75.000| |2021|:|'|

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These grants are mostly for specific projects which do not recur and hence comparative figures are not appropriate. Some grants are made in instalments or annual tranches and these future commitments are included in the accounts if the commitment to pay these grants was made before 30th April 2021 and the amount of the future payments can be ascertained with reasonable accuracy.

The Trust makes an annual payment to the WHW Annual conference of £10,000 pa which is included in the accounts when paid. These accounts do not, however, include future commitments for this support.

All grants and charitable distributions have been paid to institutions.

These include the continued support of charitable causes which its tate founder and benefactor, the late Sir Peter O'Sullevan supported personally.

12. Grants and charitable distributions, pledged and committed

The following grants and charitable distributions were pledged by the Charity but had not been paid by 30th April 2021

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||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---| |2021|2020| |£|£| |Lambourn|Open|Day|111,804|111,804| |Resume|Foundation|Bridge|of|Hope|-|50,000| |Inner|City|-|Urban|Eques,|Leicester|-|30,000| |The|big|give-|Jamies|Farm|-|30,000| |School|community|hub|-|Trees|for|Cities|-|15,000| |Aintree|Bronze|of|Dick|Francis.|Felix|Francis|10,000|-| |National|Racehorse|week|40,000|-| |Protection|of|Breed|Suffolk|Horse|Society|20,000|-| |Total|amount due|under|obligations|existing|as|at|30th|April|2021|181,804|236,804|

----- End of picture text -----

Page 14

THE SIR PETER O'SULLEVAN CHARITABLE TRUST

Notes to the Accounts for the year ended 30th April 2021

Ee

12. Grants and charitable distributions, pledged and committed (continued)
2021 2020
£ £
Amounts due within one year 123,240 125,000
Amounts due afterone year 58,564 111,804
Total amount due under obligations existing as at30th April 2021 181,804 236,804
13. Management and administration ofthe Charity 2021 2020
£ £
Managing Trustees fees 102,263 99,996
Gallery administrators fee 6,000 6,000
Auditors remuneration 4,200 4,560
112,463 110,556

14, Trustees Remuneration and fees to connected persons

Management costs of £66,660 and Consultancy of £33,336 were paid to N P Racing and Earth Summit Marketing Ltd, two businesses connected to the current administrator of the Charity and Trustee Mr. N Payne. The fees were at the rate of £8,333 per month. There are also expenses paid to N P Racing amounting to £629.

Fees of £6,000 including VAT of £1,000 (2020 £6,000) were paid to the Osborne Studio Gallery, a company of which a Trustee, Mr Geoffrey Hughes is a director.

No other remuneration was paid to the Trustees during the year and no salaries were paid during the year.

15. Related party transactions

Expenses were paid to the businesses connected to Mr Payne referred to above during the year. All of these expenses relate directly to publicity, the fund raising lunch and auction costs.

Mr Geoffrey Hughes was also a Trustee of World Horse Welfare until 3rd December 2019. Payments have been made by the Trust to World Horse Welfare as shown in notes 8 to 10 above. ~

The Trust's investments are managed by Vermeer Partners of which Mr Michael Kerr-Dineen, a Trustee, is Chairman. The investment management fees paid to Vermeer Partners totalled £13,102. (2020 £3,573 paid to Vermeer Partners was included in the total investment management costs for the year of £32,038.)

Page 15

THE SIR PETER O’SULLEVAN CHARITABLE TRUST

Notes to the Accounts

for the year ended 30th April 2021

Notes to the Accounts
for thethe year endedended 30th April 2021		 Notes to the Accounts
for thethe year endedended 30th April 2021		 Notes to the Accounts
for thethe year endedended 30th April 2021		 Notes to the Accounts
for thethe year endedended 30th April 2021
i
16. Fixed Asset Investments 2021 2020
£ £
Balance brought forward 4,821,786 6,154,249
Add: additions to investments at cost 1,368,436 2,455,438
Disposals at carrying value (946,348) (5,115,516)
Unrealised (losses)/gains on investments 312,058 (238,690)
Increase/(Decrease) in cash deposits and accrued income included
in the Investment Portfolio		 (4,394,316) 1.566.305
——
Market value as at 30th April 2021 4,161,616 4,821,786
Fixed asset investments are comprised of: 2021 2020
£ £
Equities 2,206,863 2,222,130
Fixed Interest Securities 740,337 292,004
Investment Funds 375,899 322,269
Alternative Investments 615,233 367,943
Cash held within the Investment portfolio 223,283 1,617,441
Market value as at 30th April 2021 4,161,616 4,821,786
16. Fixed Asset Investments (continued) 2021 2020
£ £
Main portfolio 3,398,911 4,653,036
Long Term projects account 762,705 168,750
Market value as at 30th April 2021 4,161,616 4,821,786
17. Debtors 2021 2020
£ £
Prepayments and accrued income 6,324 4,330
Debtors : - 2,000
6,324 6,330

Page 16

THE SIR PETER O'SULLEVAN CHARITABLE TRUST

Notes to the Accounts

for the year ended 30th April 2021

Notes to the Accounts
for thethe year endedended 30th April 2021		 Notes to the Accounts
for thethe year endedended 30th April 2021		 Notes to the Accounts
for thethe year endedended 30th April 2021
ee
18. Creditors -Amounts duewithin oneyear 2021 2020
£ £
Accruals for Grants payable ( Note 12) 123,240 125,000
Other creditors 4,200 4,800
127,440 129,800
19. Creditors -Amounts due after oneyear 2021 2020
£ £
Accruals forGrants payable (Note 12) 58,564 111,804
20. Reserves 2021 2020
£ £
Generalpurposefund 4,054,976 4,616,293

The Trustees' policies are to retain sufficient funds in reserves to meet all foreseeable commitments and to avoid all risk,

21. Cash and cash equivalents atthe yearend 2021 2020
£ £
Cash held within Investment Portfolio 223,283 1,617,599
Cash held for operating activities 73,040 29,781
296,324 1,647,380

22. Coronavirus

The Trustees are confident that the Trust 's finances are sufficently strong and robust for the Trust to continue its operations throughout the pandemic and to provide help to causes which the Trustees believe the late benefcator of the Trust would have supported.

Page 17

THE SIR PETER O’SULLEVAN CHARITABLE TRUST

Independent Auditor’s Report to the Trustees of the Sir Peter O’Sullevan Charitable Trust

Opinion

We have audited the financial statements of The Sir Peter O’Sullevan Charitable Trust (the ‘charity’) for the year ended 30 April 2021 which comprise the statement of financial activities, the balance sheet and the cash flow statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

Page 18

THE SIR PETER O’SULLEVAN CHARITABLE TRUST

Independent Auditor’s Report to the Trustees of the Sir Peter O’Sullevan Charitable Trust

the trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charity’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the trustees’ annual report other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

;

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

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THE SIR PETER O’SULLEVAN CHARITABLE TRUST

Independent Auditor’s Report to the Trustees of the Sir Peter O’Sullevan Charitable Trust

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on pages 4 and 5, the trustees are responsible for the preparation of financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UR) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

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THE SIR PETER O’SULLEVAN CHARITABLE TRUST

Independent Auditor’s Report to the Trustees of the Sir Peter O’Sullevan Charitable Trust

Conclude on the appropriateness of the trustees’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Colu Jezierski FCCA (Senior Statutory Auditor) ceo For and on behalf of C Jezierski Associates Chartered Certified Accountants and Statutory Auditors 43 Chiswick Lane London W4 2LR

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